Rising Demand From The Healthcare Sector To Provide Lucrative Growth Opportunities To Permanent Magnets Market

Permanent Magnets Industry Overview

The global permanent magnets market size is projected to reach approximately USD 39.70 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.4% over the forecast period. The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth over the forecast period. The demand for the product is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, and other essential & non-essential healthcare devices. The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure.

Permanent Magnets Market Segmentation

Grand View Research has segmented the global permanent magnets market on the basis of material, application, and region:

Based on the Material Insights, the market is segmented into Ferrite, Neodymium Iron Boron (NdFeB), Aluminum Nickel Cobalt (Alnico) and Samarium Cobalt (SmCo)

• The ferrite material segment dominated the market in 2021 and accounted for the largest volumetric share of more than 80.6%.
• Ferrite magnets are primarily used in motor applications. They are also utilized in loudspeakers, separation equipment, Magnetic Resonance Imaging (MRI), relays & switches, and holding & lifting applications.
• Over the past five years, the application scope of NdFeB magnets has broadened considerably.
• Apart from its traditional applications, the product is now witnessing significant penetration in the motors of electric and hybrid electric vehicles, wind power generators, air conditioning compressors & fans, and energy storage systems.

Based on the Application Insights, the market is segmented into Automotive, Consumer Goods & Electronics, Industrial, Medical, Energy, Aerospace & Defense and Others.

• Consumer goods & electronics accounted for the largest volumetric share of more than 26.5% and emerged as the leading application segment in 2021.
• In the electronics industry, the product is used in air conditioning compressors & fans, recorders, computer cables, DVDs, cameras, watches, earbuds, loudspeakers, microphones, mobile phones, voice coil motors, printers, fax stepper motors, printer machine rollers, hard disk drives (HDDs), and portable power tool motors among others.
• The automotive segment is projected to observe a steady growth rate, in terms of revenue, over the forecast period.
• Medical is projected to be among the fastest-growing application segments for the market over the predicted timeline. The product demand in the medical sector is primarily driven by its increasing use in devices, such as magnetic resonance imaging, body scanners, and heart pacemakers.

Permanent Magnets Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• MEA

Key Companies Profile & Market Share Insights

The global market is fragmented and is characterized by regional concentration. On account of the presence of large-scale rare earth metal deposits in China, numerous small, medium, and large-scale manufacturers are located in close vicinity.

Some prominent players in the Permanent Magnets market include

• Adams Magnetic Products Co.
• Earth-Panda Advance Magnetic Material Co., Ltd.
• Arnold Magnetic Technologies
• Daido Steel Co., Ltd.
• Eclipse Magnetics Ltd.
• Electron Energy Corporation
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Hitachi Metals Ltd.
• Magnequench International, LLC
• Ningbo Yunsheng Co., Ltd.
• Ninggang Permanent Magnetic Materials Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.
• TDK Corporation
• Thomas & Skinner, Inc.
• Vacuumschmelze GMBH & Co. Kg
• Ugimag Korea Co., Ltd.
• UNION MATERIALS CORPORATION
• Pacific Metals Co., Ltd.

Order a free sample PDF of the Permanent Magnets Market Intelligence Study, published by Grand View Research.